"Managing New vs Established Products: Towards the Curator Economy"

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Aug 25, 2023

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"Managing New vs Established Products: Towards the Curator Economy"

Introduction:

When it comes to managing new and established products, there are several important factors to consider. From internal alignment and strategy fit with users to changes in the competitor landscape, these considerations shape the long-term roadmap for a product. On the other hand, the curator economy is revolutionizing the way we discover and consume content. By harnessing the power of human curation, we can navigate through the vast sea of information more efficiently. In this article, we will explore the commonalities between managing new vs established products and how the curator economy can enhance our content discovery experience.

Developing a Long-Term Roadmap:

Whether it's a new product or an established one, developing a long-term roadmap requires careful consideration. Internal alignment is crucial to ensure that all stakeholders are on the same page and working towards a common goal. Additionally, understanding the strategy fit with users is essential to create a product that meets their needs and expectations. Lastly, keeping an eye on the competitor landscape helps identify potential challenges and opportunities that may arise.

Building vs Optimizing a Product:

When it comes to building a new product initiative (0 —> 1), the focus is on establishing product-market fit. This can be a challenging task, and aspiring product managers often struggle to secure roles in this space. To overcome this, it is recommended to seek out APM (Associate Product Manager) programs, which provide valuable training and mentorship. If such programs are not available, joining a company with an APM program in a different role and working your way into it can be a viable alternative.

Working in Product at Different Companies:

Transitioning from one company to another can bring significant adjustments, especially when it comes to working in product management. For example, moving from a smaller company like Yelp or Yahoo to a tech giant like Facebook requires adapting to a larger scale. At Facebook, where there are tens of thousands of employees, PMs must prioritize strong company-wide communication to ensure efficient collaboration and decision-making. Furthermore, the scale of impact is much greater, as products at Facebook often touch millions, if not billions, of users.

Proving ROI in "Difficult" Areas:

Improving customer service or working on areas that are challenging to prove ROI can be a daunting task. However, most things are measurable in some way. When faced with this situation, it's crucial to identify the relevant metrics that define the health of the overall ecosystem. For instance, in the case of WhatsApp business messaging, metrics such as the number of advertisers, messages being sent, and the number of businesses using the product can be indicators of success.

The Rise of the Curator Economy:

In today's information age, content curation is becoming increasingly important. The curator economy is all about democratizing human content curation, where human minds and hands play a vital role in filtering and contextualizing information. By relying on curated content, individuals can access high-quality information on specific topics more efficiently. The curator economy allows us to bypass the overwhelming amount of content available online and find what we need based on the expertise and reliable sources of curators.

The Benefits of Content Curation:

Content curation offers numerous benefits in our quest for knowledge. It helps us avoid getting overwhelmed or losing interest when faced with an information overload. By following like-minded curators, we flatten the learning curve and waste less time searching for relevant information. Through curated content, we can find what we need more easily, as it is tailored to our specific interests and goals.

Actionable Advice:

  • 1. Seek out APM programs or alternative paths: For aspiring product managers, securing a role in the 0 —> 1 space can be challenging. Look for APM programs or consider joining a company with an APM program in a different role and gradually working your way into the product management domain.
  • 2. Prioritize internal alignment and user strategy fit: When developing a long-term roadmap for a product, ensure that all stakeholders are aligned internally and that the product's strategy is well-aligned with the needs and expectations of users.
  • 3. Embrace content curation for efficient knowledge acquisition: To navigate the vast sea of information, leverage the power of content curation. Follow curated sources and like-minded individuals to streamline your learning process and find high-quality content that serves your purpose.

Conclusion:

Managing new and established products requires careful consideration of various factors, including internal alignment, strategy fit with users, and changes in the competitor landscape. Additionally, the curator economy is transforming the way we discover and consume content, offering a more efficient and tailored experience. By embracing content curation and incorporating actionable advice, individuals and businesses can navigate the ever-expanding information landscape with ease and make informed decisions.

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